The eye is afflicted by chronic vision debilitating neovascular disorders, such as age-related macular degeneration, proliferative diabetic retinopathy, and corneal angiogenesis. Photodynamic therapy (PDT) is an innovative, evolving approach for treating neovascular diseases of the eye. PDT refers to the process of activating a light sensitive agent or carrier with non-thermal light to induce chemical reactions that ameliorate a pathological condition. Key components of PDT include a photosensitizer, a colloidal carrier or formulation and a light source. This article summarizes currently available clinical PDTs, desirable features of PDTs and photosensitizers, useful light sources for PDT and investigational nanosystems, and colloidal carriers for PDT.